This is an excerpt from EERE Network News, a weekly electronic newsletter.

September 08, 2004

DOE and Development Agency to Promote Clean Energy Markets

DOE and the Overseas Private Investment Corporation (OPIC), a development agency of the U.S. government, signed an agreement on September 8th acknowledging their partnership to promote investment in cleaner, more efficient energy technologies in emerging markets throughout the world. Under the agreement, both agencies will work to create an Efficient Energy and Renewables Program, focused on innovative financing and creative partnerships that will lead to environmentally sound economic growth in developing countries throughout the world.

The Memorandum of Understanding signed on September 8th advances two U.S. energy initiatives—the U.S. Clean Energy Initiative and the Clean Energy Technology Export Initiative—both of which seek to reduce poverty in developing nations through development and access to modern, clean, efficient, and affordable energy using exported U.S. technologies. For example, DOE and OPIC are currently engaged in an effort to gather information regarding wind power and energy efficiency opportunities in developing countries to determine the most promising targets for investment. See the DOE press release.

OPIC's risk insurance and financing help U.S. businesses of all sizes invest in more than 150 emerging markets and developing nations worldwide. Over the agency's 32-year history, OPIC has supported $150 billion worth of investments that have helped developing countries to generate more than 690,000 host-country jobs. OPIC projects have also generated $66 billion in U.S. exports and created more than 257,000 U.S. jobs. See the OPIC Web site.